Bitcoin started a new surge and crossed $31,000 against the US Dollar. BTC could correct gains, but declines may remain well supported above $30,800.
- Bitcoin is gaining ground above the $30,500 and $31,000 resistance levels.
- The price is now trading above the $31,000 level and the 100 hourly simple moving average.
- There is a solid bullish trend line forming with support near $31,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if it clears the $32,200 resistance area.
Bitcoin price hike 5%
Bitcoin price keep trying Above the $30,000 pivot level. It formed a base and started a new increase above the $30,500 resistance area.
The price surged above the $31,200 resistance area and settled well above the 100-hour simple moving average. Finally, there was a rally above the $32,000 level and a high trading price of $32,186. He is now correcting the gains below $32,000.
There was a move below the 23.6% Fib retracement level of the upward move from the $30.234 swing low to $32,186. However, there is a solid bullish trend line forming with support near $31,250 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
There is an immediate resistance on the upside near the $32,200 level. The next major resistance is near the $32,200 level. A clear move above the $32,200 resistance level could trigger another increase. In the mentioned case, the price could clear the $32,500 resistance. The next major resistance is near the $33,400 level.
Dips Limited in BTC?
If Bitcoin fails to clear the $32,200 resistance area, it may start a downside correction. There is immediate support on the downside near the $31,500 level. The first major support is near the $31,250 level and the trend line. It is close to the 50% Fib retracement level of the upward move from $30234 of the swing low to $32,186.
The main support is now forming near the $30,800 level. A break-down below the $30,800 support level could put a lot of pressure on the bulls. In the mentioned case, the price may revisit the $30K support area in the near term.
Hourly MACD The MACD is now losing momentum in bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.
Key support levels – $31.250, followed by $30,800.
The key resistance levels are $32,200, $32,200 and $33,400.